Engineers Gate Manager LP Decreases Holdings in Applied Industrial Technologies, Inc. $AIT

Engineers Gate Manager LP decreased its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 23.1% in the second quarter, Holdings Channel reports. The fund owned 32,083 shares of the industrial products company’s stock after selling 9,643 shares during the quarter. Engineers Gate Manager LP’s holdings in Applied Industrial Technologies were worth $10,849,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AIT. Compound Planning Inc. increased its stake in Applied Industrial Technologies by 4.7% during the fourth quarter. Compound Planning Inc. now owns 822 shares of the industrial products company’s stock worth $211,000 after acquiring an additional 37 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Applied Industrial Technologies by 7.4% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 653 shares of the industrial products company’s stock valued at $170,000 after purchasing an additional 45 shares during the last quarter. Sanctuary Advisors LLC lifted its stake in shares of Applied Industrial Technologies by 4.5% in the 1st quarter. Sanctuary Advisors LLC now owns 1,160 shares of the industrial products company’s stock valued at $308,000 after purchasing an additional 50 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of Applied Industrial Technologies by 4.5% in the 1st quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company’s stock worth $302,000 after purchasing an additional 58 shares during the period. Finally, Cetera Investment Advisers boosted its holdings in shares of Applied Industrial Technologies by 0.5% in the 4th quarter. Cetera Investment Advisers now owns 10,900 shares of the industrial products company’s stock worth $2,799,000 after purchasing an additional 58 shares during the period. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Insider Activity

In related news, CFO David K. Wells sold 1,812 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total value of $643,441.20. Following the transaction, the chief financial officer owned 32,050 shares of the company’s stock, valued at $11,380,955. This represents a 5.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Madhuri A. Andrews sold 3,845 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $329.89, for a total value of $1,268,427.05. Following the completion of the transaction, the director directly owned 4,951 shares in the company, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 7,561 shares of company stock valued at $2,560,085. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Bank of America boosted their target price on Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Mizuho lifted their price objective on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Wall Street Zen upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Robert W. Baird increased their target price on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Seven equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $400.00.

Applied Industrial Technologies Trading Down 1.9%

NYSE AIT opened at $318.54 on Friday. The stock has a market cap of $11.69 billion, a PE ratio of 29.06, a PEG ratio of 2.61 and a beta of 0.83. Applied Industrial Technologies, Inc. has a 12 month low of $238.34 and a 12 month high of $374.80. The company’s 50-day moving average price is $338.33 and its 200-day moving average price is $310.91. The company has a current ratio of 2.58, a quick ratio of 1.75 and a debt-to-equity ratio of 0.14.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.25. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter last year, the business posted $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Equities research analysts forecast that Applied Industrial Technologies, Inc. will post 11.96 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Friday, August 14th were given a dividend of $0.51 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. Applied Industrial Technologies’s dividend payout ratio (DPR) is 18.61%.

Applied Industrial Technologies Profile

Applied Industrial Technologies, Inc (NYSE: AIT) is a distributor and value-added service provider for industrial and maintenance, repair and operations (MRO) markets. The company supplies products used to keep manufacturing, processing, infrastructure and other industrial operations running, including bearings, power-transmission components, industrial motion products, fluid power equipment, hose and fittings, industrial rubber products, safety supplies and automation components.

In addition to product distribution, Applied Industrial Technologies provides engineering, design, fabrication, repair, assembly, technical support and other application-focused services.